On January 26, 2016, debt held by the public was $13.62 trillion or about 75% of the previous 12 months of GDP. Intragovernmental holdings stood at $5.34 trillion, giving a combined total gross national debt of $18.96 trillion or about 104% of the previous 12 months of GDP.
Launched in 1934 to help boost the housing market, the Federal Housing Administration (FHA) loan is still pretty much the same today. Itâs a government-backed loan that allows people to buy a moderately priced home with a down payment as low as 3.5 percent. The partnership between the FHA and HUD has helped many people since its inception, insuring over 34 million home mortgages and 47,205 multifamily project mortgages.
The Federal Housing Administration has provided government insurance for home mortgage loans since the Great Depression in the 1930s. FHA-insured loans are a viable option for first-time homebuyers, thanks to the favorable terms provided by lenders because of the presence of government backing. The FHA has a clear definition of first-time homebuyer, which lenders must use during the underwriting process.